Welcome to our special year-end monthly Economic, Capital Market, and Financial Planning tip of the month.
Even though 2015 is gone, there are ways to reach back and help your tax situation.
For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.
Ok…let’s go!
VIDEO
YouTube Direct Link
HSA – Health Savings Account
- Can be funded now for 2015 taxes
- Tax Deductible Savings
- Pre-tax savings for future use or today
These are just a few simple examples of HSA benefits — check with your health provider of you are uncertain of availability.
sEP – simplified Employee pension
- Offset non w-2 income – think consulting or temporary
- Pre-tax savings, up to 25% of adjusted income
- Deadline is final tax filing date, INCLUDING extensions for the prior year – reaching back into last years tax liability
These are just a few of the benefits of a SEP !
Give us a call if you have any confusion/questions! Do not try any of these techniques without first visiting with you professional advisor!
Rates raised
December marked the first time in almost a decade that Federal Funds Rates were raised.
While looking dramatic at first:
A longer term view tells the story.
Markets have been jittery of late, and we think this is more of a time duration of our economic expansion, than anything else. Higher rates will eventually help, in our opinion! Some great proof coming soon, when more room is available !
Have a Great Day and 2016!
John A. Kvale CFA, CFP
